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The 500 Club: Altcoins From the Depths

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The market cap top-100 gets all the attention, but for every EOS or Ripple that gets mentioned on a daily basis, there are a hundred other altcoins that fail to make the RSS feeds.

Today we’re going to shine the spotlight on a few altcoins that find themselves hovering around the 500-599 spots in terms of market cap rankings – for good or bad.

Some are languishing there, waiting to slip ever lower. While others are merely passing through, en route to the greener pastures of the upper ranks.

We’ve picked a bunch of them out at random and given them the attention they may have been lacking. Some of them tell a story of tragedy, while others still retain some hope of climbing out of their current rut and making it to the big time. In no particular order, here’s a selection of members from the 500 club.

ConnectJob (CJT) – #552

ConnectJob is a blockchain-powered mobile app which acts as a kind of AirBnB for freelance workers. Workers and employers can connect with each other via direct messaging, and use CJT tokens to conduct transactions and deliver payments.

The decentralized marketplace format is one that we’ve seen pop up all over the place recently; with firms launching platforms to connect couriers (DAV Network), portfolio traders and managers (ICONOMI), and even waste processing crews (SwachhCoin).

Likewise, the freelance job marketplace idea has already been picked up by several firms, including another from the 500 club that’s also included in this list.

Market cap statistics only became available for ConnectJob in May, and a sudden peak to a recent high of $0.105 was followed by a month of gradual decline which saw it sink to $0.05 by May 30th.

Since then, however, CJT’s fortunes have started to look up. Steady upwards movement since the dip of May has left CJT trading at $0.0631 at the time of writing, and it has recorded a 5% growth in the last 24 hours.

The ConnectJob app is already available for download via Google and Apple app stores. With a working product already in place, it would seem the only thing left for ConnectJob would be to focus on marketing and adoption. Maybe then we’ll see CJT push up the rankings.

Hackspace Captial (HAC) – #551

Hackspace Capital is a young startup which seeks to establish itself as a provider of co-working spaces for disparate businesses and industries across the globe.

With several hubs already set up in Europe and Russia, Hackspace Capital comes with a real-world use case and an established foundation of users.

Perhaps that’s why HAC tokens have jumped 134% in value over the last 24 hours, with near 200% growth being shown over the last few days, which possibly signals organic growth as opposed to merely hectic market behaviour.

Hackspace has shown a downward trend ever since February, but has started to lean back and aim itself upwards in the past week or so.

This could be one to watch, as the company set up new physical hubs across multiple continents.

Stealth (XST) – #548

Stealth looks to take its place among the long list of privacy coins which have gained prominence in recent years, and utilizes the Tor Network for increased anonymity.

The team say their platform’s use of Quantum Proof of Stake (QPoS) and Tor is a first of its kind hybrid in the crypto world. Stealth also comes with its own dedicated browser for Windows and OSX.

With these kind of features to its name, it begs the question as to why Stealth isn’t ranked higher than it is.

Well, the Twitter page for the project has a fairly respectable 12,000 followers. However their Telegram channel only has 132 members, and looking around online it seems that the Stealth project suffers from the lack of a marketing budget.

This tends to be the case for many coins outside of the top 100, but it leaves the door open for potential growth in the future, as many development teams focus on the code first and the marketing second.

PinkCoin (PINK) – #549

PinkCoin is a charity/tipping coin, used in a similar way to Dogecoin. Both have been at the forefront of major fundraising drives, and both seek implementation as a direct and easy donation service free from centralized authorities.

PinCoin has been around since 2014, and their market cap activity for most of that period shows a flat, inactive line – with daily trade volumes landing at around $75 as late as 2016.

But everything changed for PinkCoin when 2017 came around, and a steady rise throughout the year resulted in a peak trading volume of $3 million on January 9th.

A slow decline set in following January’s crash, and PinkCoin has been sliding downwards ever since. However, PinkCoin’s tumultuous activity over the past year has ultimately been kind to it – its current price of $0.018 is still a near 3000% rise on its early 2017 levels of $0.0006.

PinkCoin has lost nearly 20% in the past 24 hours. Its trading volumes have been stuck in the five-figure range for a while now, and its future seems uncertain at this point.

CanYaCoin (CAN) – #595

CanYaCoin is the second platform in this list which aims to connect freelance workers directly with employers via their decentralized network.

CanYa comes in the form of a mobile app, and seeks to revolutionize the freelance employment industry.

Existing freelance employment platforms either charge exorbitant fees (Upwork), or have become so bloated and saturated that they’ve stopped accepting new members (Upwork again).

CanYaCoin looks to do for the freelancing industry what Uber did for the taxi industry – pick it up, give it a good shake, and then throw it away where it can’t harm anyone any longer.

Market cap rankings for CanYaCoin only began in late January, and its six month charts make for depressing viewing since then.

From a peak of $4.93 in early January, CanYaCoin has slid almost directly to a value of $0.14.

That’s a reduction in value of 97%.

Yet CanYa continue to push their project forward, and regardless of its market performance in the last six months, many freelancers are still hoping for big things from CanYa.

The freelance gig economy is on the rise worldwide, and most research suggests that over 50% of Americans and Europeans will be employed in the gig economy within the next 5 years; so CanYa could have a possibly huge market within which to ply its skills.

NapoleonX (NPX) – #537

Napoleon (NPX) is a crypto asset trading platform which uses AI trade bots to carry out daily sales and purchases.

The firm built their bots over a 10-year research and development drive, which benefited from the collective 50 year financial and banking experience of their team and advisors.

NapoleonX is currently pushing to win a European regulatory Asset Management License, and aims to become a reputable and trusted trading platform within the wild west of the crypto trading world.

NPX tokens peaked at $0.59 on April 24th, before dropping all the way to $0.25 on June 6th. A couple of days later and NPX tokens reached a value of $0.35 – a near 40% increase over 48 hours.

At the time of writing, NapoleonX is worth $0.30, and is showing a 24 hour trading volume of around $40,000.

NPX can be traded against BTC or ETH on the IDEX and IDAX exchanges.

Matryx (MTX) – #511

Matryx is a California-based blockchain startup which provides a 3D-Virtual Reality interface for design developers.

Users plug into the VR and start designing their chosen models in virtual space, with what the firm describe as ‘nanoscale’ precision. The Alpha release of the platform involves users taking part in design competitions in the hope of winning MTX tokens.

Some competition bounties are currently priced at 10,000 MTX – a dollar equivalent value of just under $4,000 based on the current MTX trading price of $0.38.

MTX is up 1.4% for the day at the time of writing, but has done nothing but sink since the recent high spot towards the end of April where it almost breached the $1 mark ($0.981).

If market readings are taken from March, however, we can see a net gain of 65% – even accounting for the disappointment of May. MTX tokens went from a price of $0.23 to $0.38 over that time, with peaks and troughs in between.

If the Matryx VR tools turn out to be as good as they’re claimed to be, then even a modest marketing push would see the firm increase upon its current twitter following of 2,000.

Right now Matryx is ranked at #511 on CoinMarketCap, but its $0.25 million trade volume for the day eclipses the #38 ranked Maker (MKR) token, which has logged just $95,000 in the last 24 hours.

Many of you will be familiar with these 500 club members, while for others this will be the first and last time you hear about these altcoins before they return to the obscurity from whence they came.

Ultimately, many of these could go either way, so don’t be surprised to see them out of the 500 club before long. Whether they move up or down in anybody’s guess.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 61 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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2 Comments

2 Comments

  1. Koingazer

    June 9, 2018 at 9:30 pm

    I really enjoyed this article and would like to thank you for shining a light on some coins currently in the back of the pack so to speak. I have gambled on these coins from time to time and have had both wins & losses but my wins outweigh my losses so I’m happy about that. Full disclosure here I have never or currently invested in any of these coins and only 2 of them have come across my radar. However going forward I will take a deeper look at these coins as I say to possibly take a gamble on. Thumbs up

  2. Greg Thomson

    June 9, 2018 at 9:56 pm

    Glad you enjoyed it, Koingazer. Keep an eye out for more articles we’ve got coming up on some of the lesser known altcoins.

    (Nor do I own any of these coins, they were picked purely according to my curiosity)

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Altcoins

Crypto Exchanges: Looking For Guaranteed Results

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The word guaranteed is never to be used anywhere investment advice is offered.  So please think of my use of the term as just one person’s opinion. But after doing some weekend reading, I think there should be a way to achieve extraordinary gains that are virtually assured for a very long time.

Back in the glory days of the dotcom period the wisdom of the time was simply stated: invest in the plumbing. That included names like Cisco and Intel.  These were the folks that facilitated high speed traffic on the Internet. Even after the dotcom bubble burst, the plumbers continued to rake in the dough.

Fast forward to 2018, why should we not follow the same logic? Please don’t ask why I didn’t ask this question long ago. Here is what caught my attention.

There is a new study out prepared by The Status Group that makes some incredible projections for the immediate future.  Here are their headline making forecasts.

  • We expect crypto trading volume growth of +50% through 2019, and a 9% CAGR through 2028
  • Crypto trading volume is set to overtake U.S. Corporate Debt trading volume this year, and is on track to be ~10% of U.S. Equity trading volume
  • We estimate exchange trading fee growth of 50%+ this year, from $2.1B last year to well over $3B in 2018
  • The top 20 exchanges account for over 75% of total crypto market trading volume
  • BTC is the base pair for ~1/3 of global crypto volume, USDT 22%, ETH 12%

Always Be Cautious of Forecasts

With no disrespect meant, are the forecasters at The Status Group really serious?  Well, 2019 isn’t that far off so we will know soon enough. But the point is, how do we get involved in the growth of trading rather than pure speculation on crypto prices?

Take the case of the two largest players: Bitmex and Binance.  Over the past 30 days, the two exchanges have traded over $125 billion in value.  That is just in the last month or $1.5 trillion annually. This is only the top two.  If the five largest were included, the monthly total rapidly approaches $200 billion.

Bitmex stands out from a recent article titled: Bitmex Co-Founder is the Youngest British Self-Made Billionaire. Brilliant ideas and hard work deserve and that is why Ben Delo, Samuel Reed and Arthur Hayes are billionaires. But try to buy into Bitmex, good luck.

But there is #2 Binance (BNB) whose token can be traded on the Binance exchange. According to ICOMarks, the market cap of BNB is just a little over $1.1 billion. Back in January, BNB reached $22 but has since tumbled to just $10 -marking a drop of roughly 60%.

Putting that into perspective, that is just a bit less than the average crypto has done this year. But before you doze off, consider this. Changpeng Zhao, BNB founder, just reported second quarter profits of $200 million.  That amounts to 2,757% over the $7.5 million earned in the first quarter.

In other words, BNB’s market cap is equal to just five times the profits in the first six months. If BNB were listed on the New York Stock Exchange and received an average valuation, it would sell for about 23 times earnings.  There may be many reasons why the value of BNB is so low but if it continues to generate such sizable profits, somebody is going to take notice.

As we noted, there are probably lots of reasons why the asset value has fallen nearly as much as the average crypto this year.  This is where I would love to hear from you. Just like back in the post dotcom days, the plumbing companies made the most money.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 106 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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STEEM Price Surges 31% Ahead of Steemit Velocity Hardfork

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The value of Steem (STEEM) surged over 31% on the afternoon of Monday, September 24th, as the team prepare to implement ‘Hardfork 20’ – codenamed Velocity – tomorrow on the 25th. The hardfork will make multiple changes to the blockchain that underpins the Steemit social media platform, and full details can be read on the official Steemit blog.

STEEM Price Jumps 31%

Whether the flurry of activity in STEEM markets can be interpreted as a sign of faith in the upcoming updates is up for debate. The STEEM price has been climbing steadily since September 12th since falling to the $0.65 range. Today’s peak of $1.12 puts STEEM on over 70% growth in the last twelve days, outpacing the majority of altcoins with the exception of recent headline-grabbers like XRP and Stellar.

On Monday afternoon the coin price surged 31%, climbing from a price of $0.852111. The majority of those gains came in less than an hour, between 16:00 and 16:30 UTC. The highest single concentration of trades comes in the form of STEEM/USDT on Huobi, while the rest of the market is shared predominantly between STEEM/BTC and STEEM/KRW.

KRW (Korean won) trades make up 33% of the day’s total, continuing the trend from the last few days where the majority of the market pump could be attributed to eastern markets, and KRW in particular.

Steemit Velocity Hardfork

The Steemit social media platform utilizes three currencies in its operation, including a perpetually dollar-pegged coin in the form of SBD, and an internal ‘weighting’ currency called Steem Power that denotes influence and cannot be quickly liquidated.

More details can be read on Steemit’s currencies here, but the point is that Steemit’s internal economy is a finely-tuned machine with lots of moving parts. The upcoming Velocity hardfork will further adjust those moving parts, addressing the community’s pooled funds, new user account creation, the percentage of a post’s payout to authors and curators, and much more. According to the Steemit blog:

“The changes in the Velocity Hardfork are dependent on the approval of a super-majority (17/21) of the witnesses voting in favor of the Hardfork.”

The team also released this short primer for new users and witnesses to the Steemit blockchain ahead of the hardfork on Tuesday, noting the decision-making process:

“Witnesses should review the changes in the hardfork release. If they agree with the changes, they should run the new version of Steem at their earliest convenience. By running the new version of Steem, they are casting their vote for the changes. By choosing not to run the new version of Steem they are casting their vote not to hardfork.”

Stay tuned for more developments tomorrow when the hardfork is implemented at 15:00 UTC.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 61 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Selling Pressure Hits Bitcoin, Altcoins Following Large Rally

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Cryptocurrencies declined across the board on Monday, as the market returned to a defensive posture following a $38 billion inflow over the past six days. Losses affected all major assets but were largely concentrated in altcoins and tokens.

Market Update

From a peak of around $230 billion on Friday, the cryptocurrency market cap has fallen back to $218.4 billion. The brisk selloff began around 00:00 UTC on Monday; the market would go on to lose roughly $8 billion over the span of six hours.

Trading volumes have held steady over the last 24 hours with $13.7 billion transacted on virtual currency exchanges.

All major assets were down on Monday, with XRP and Stellar XLM each declining more than 11%. Both currencies were the top performers last week. XRP is currently trading at $0.517 and XLM is sitting at $0.2556.

Ethereum slipped 5.1% to $232. Bitcoin cash was down 7.3% at 464. EOS, which was briefly overtaken by Stellar in the market cap rankings, declined 6.6% to $5.67.

Losses in bitcoin, the largest cryptocurrency by market cap, were more contained. BTC is down 2.1% over 24 hours to $6,607. Bitcoin’s price crossed the 50-day moving average on Friday and is currently testing that key level.

Pullback Expected

A pullback was expected for the leading altcoins after demonstrating spectacular growth over a short period. XRP posted a three-fold increase in price last week while Stellar XLM added a third to its value in roughly the same period. Cardano was also among the top performers a ADA began its long recovery from a 96% retracement.

Fundamentals were a major catalyst behind last week’s rally but appear to be absent from the recent reversal, reinforcing the view that technical re-positioning was largely responsible. Sharp corrections are common for cryptocurrencies after a large run-up in prices.

With the pullback, bitcoin’s share of the overall market has returned above 52%. Bitcoin’s dominance rate approached six-week lows on Sunday as altcoins and tokens outpaced the leading digital currency.

BTC trade volumes are holding above $4 billion, a figure that is generally consistent with rising prices. Bitcoin’s price action this week could be influenced by expiring CME futures contracts. The September futures contract is set to expire on Friday.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 612 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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